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i i I t i VOL. XXVI. RALEIGH, N. C, THURSDAY, DECEMBER. lO, 1908. No. 47 !:1 z " . 1 1 " 11 ' 1 i 1 ;"' ' ''"- ST CONGRESS CONVENES House Called to Order by Speaker Cannon. SENATE HOLDS SHOfcT SESSION Ways and Means Committee Kmpow vri'd to Subpoena Witnesses and Demand Hooks and Papers in the Tariff Hearings Seven New Con gressmen Sworn in House and Senate Adjourn in Memory of Dead. Washington, Dec. 7. After being in .session an hour, one-half of which time was consumed by a roll-call, the House of Representatives, which met at noon to-day for the second session of the Sixtieth Congress, adjourned out of respect to the memory of sev eral of its own members, and of Sen ator Allison, all of whom died dur ing the recess. For an hour or more preceding the formal calling of the body to order the galleries were packed to their fullest capacity. Many hundreds sat in the aisles, while long lines patiently waited outside the gallery doors hoping to find an opportunity to get inside. On the floor, the members gather ed In groups, and regardless of party affiliation, mingled with each other and extended hearty greetings. Speaker Cannon, Representative Sherman, of New York, the Vice-President-elect, and Champ Clark, of Missouri, the successor of John Sharp Williams, as minority leader, re ceived ovations. Can Subpoena Witnesses. The most Important action of the House was the passage by unani mous consent of a resolution author izing the Committee on Ways and Means, in its tariff hearings, to sub poena witnesses and to call for books and papers. A number of bills of public interest were introduced. The roll-call disclosed the presence of 331 members. Seven new members were sworn In to fill vacancies that occurred by dpath or resignation since the last session, among them were Albert Es topinal, Democrat, who succeeds the late Mr. Meyer, from the first Louis iana District; O. C. Wiley, Democrat, successor of his father, A. F. Wiley, Democrat, from the second Alabama District, and John P. Swasey, Repub lican, successor to Mr. Littlefield, who resigned during the late session from the second Maine District. After the disposition of some rou tine business, resolutions were adopt ed expressive of the regret of the House at the deaths of Represent atives Dun well, of New York; Pow ers, Maine; Parker, of South Dako ta; Wiley, of Alabama, and Senator Allison, of Iowa, and as a further mark of respect the House at 1:02 p. m. adjourned. A SHORT SESSION OP THE SEX ATE SESSION. That Body Expresses Its Sorrow Over the Death of liate Senator Allison and Adjourns. Washington, Dec. 7. There was a pall of sadness over the United States Senate to-day when it convened for the second ' session of the Sixtieth Congress which was due to the ab sence of the late Senator William B. Allison, of Iowa, who died last Au gust after a service of over, thirty five years in that body. The assemblage was a brilliant one, eighty-two of the members being present. The procedure in the opening of the new session was simple and dig nified, following long-established precedent. Vice-President Fairbanks called the Senate to order and Rev. Edward Everett Hale opened the ses sion with prayer. Senators Aldrich, Gallinger and Teller were appointed in pursuance of a resolution offered by Senator Hale to wait upon the President and inform him that Congress was ready to receive his annual message. Senator Dolliver announced the death of the late Senator Allison, of Iowa, and resolutions expressing the profound sorrow of the Senate over Us bereavement were adopted. As a further mark of respect to his mem ory, the Senate, after a session last ing but fifteen minutes, adjourned for the day. CHAMP CliARK MINORITY LEADER. Democrats Select Him as Leader, of Their Forces in the House. ' Washington, D. C, Dec. 5. Rep resentative Champ Clark, of Mis souri, was tonight chosen minority leader of the House of Representa tives at a caucus of the Democratic members of that body. Mr. Clark's' election was7unani mous. His name was suggested to the caucus by the retiring minority leader, Senator-elect . John - Sharp LETTER FIU1 RILKINS. Some Facte About Tom L. Johnson and How lie lilt the Ceiling a Street Railway tbe Next Thing In nilkinsvilie -A Georgia Farmer or a Georgia Liar Miscellaneous. Correspondence of The Caucasian Enterprise. Bllfclnsville, N. C. Dec. 7, 1908. " I wuz readin' not long ergo erboat my old frend, Tom L. Johnson, ot Cleveland, Ohio. Tom is busted, an bo am I. Both ov us undertook ter help mankind -ut a little bit by glv In them cheaper goods, cheaper rail road rates an' slch, an the result iz az usual we wuz given the marble heart an' the clammy hand. Tom Johnson wuz doin party well makln' money. He had a fine home, fast horses an' automobllls. An' hlz bank account looked like the book-keepin' department in a big business college. One day when hit wuz rainln Tom tuk a notion that peeple workln' peeple an' awl sorts ov peeple orter hev cheaper street-car fare in the city ov Cleveland an in other cities. He wuz Interested in street rairodes in Cleveland an' in other cities. So he reduced the street-car fare from 5 cents ter 3 cents. He sed that the poor mechanic or other laborer who had ter git up before day an ride on the cars ter hlz work an' home ergin at nlte orter do so at a cost ov 6 cents fer the two trips instead ov payin' 10 cents az had bin the rule in awl cities havin' street railway systems. In other words, he started out ter help every person in the city who had ter use the cars ter the extent ov 4 cents a day. An it wuz quite an' item, for in a large city probably two-thirds, or even greater number, hev ter live possibly three, four, or even six, miles from the stores, factories or other places whar they air employed. Carpenters, brickmasons, clerks, printers, factory employers in fact, nearly every body, hez ter use the car az the quickest an' easiest way ter git to an from their daily labor. Ov course, it included thousands ov women who had ter git to an from the places they worked in awl sorts ov weather. Well, ov course hit wuz popular, eeple generally sed "Hurrah! fer Mr. Johnson; he lz the real stuff!" They even went so far az ter nomy- nate him fer Mayor ov the city and eleckted him by a big majority. Well, things went on in grate shape fer awhile. Mr. Johnson had done the publick a gude turn. Fer a few days or weeks they jingled that four cents a day they wuz savin' in street car fare In their pocket3 an' felt grateful ter Mr. Johnson. Then cum a change. The pollytishuns got ter work. Maybe the owners ov street railways in other cities an' the 6wn- ers ov other railrodes had sumpthln' ter do with hit. At any rate, they went after Mr. Johnson. They set awl the moulders of publick senti ment after him. In a short time they got folks ter think that instead ov savin' the peeple 4 cents a day in street-car fare when he reduced hit from 5 ter 3 cents a trip, he wuz robbin' them ov at least half ov their wages an' doin' other mean things too bad ter mention. The way they went fer Tom Johnson wuz a plum site. Well, what did awl them peeple that Tom Johnson had really helped by givin' them cheaper car-fare do? They listened ter the-Jodeseevus Daniels' in the two perlitickal parties an they sed ter themselves: "We must down that feller Johnson. He iz savin' us four cents a day in the way ov car-fare an' we can't put up with it. We air poor wurkin' peeple, poor hard-workin' business men, an' we simply can't stand hit. He iz robbin' us ov honest, hard-earned pennies. He takes them out ov hlz own pockets an' gives them ter us, hit iz true. But he iz robbin' us Jist the same when he lets us ride on the street-cars fer 3 cents a trip when we useter pay 5 cents a trip. We will down that scoundrel, an do it mity quick." An they did. . They fixed Mr. Johnson ud in grate shape. If he don't have ter go ter the poor-house yet, he will be lucky. I hev bin thinkin erbout gittin' outsjde capital interested in a street railway system fer Bilkinsville. But, if I do, they will be no cheap fare I'll chare 'em ten cents ter ride ten steps an' then I'll hev the conductor ter Kick 'em off instead ov helpin" 'em off. That iz the only way ter deal with human bein's an' make street railrodes pay, or anythin' else, in fackt. I wuz readin' In a newspaper the other day how a Georgy farmer wuz raisin' corn' at a cost ov 8 cents bushel, which iz less than the freight on corn brought frum the West. Ov course, that iz an' exceptional crop, fer corn can't he raised every season, an awl sorts ov land at a cost ov anythin' 'like 8 cents a bushel, nor even at 16 cents a bushel. But it can be raised anywhar in the South at a cost ov less than 50 or 60 cents per bushel the lowest prices it usually brings, an' our peeple make a mistake when they buy it instead ov raisin' hit. But 1 Jist mention this az a joke. Most ov our peeple air fools an' they air never az happy az when they air doin the wrong thing at the wrong time. Then they talk Dollyticks an cuss the tariff an git happy ergin, so what iz the dif ference? 1 hope they will hev ter Dav four dollars a bushel fer corn an 50 cents a pound fer meat fer the balance ov their lives, onless they fnm on' txv ter do better. Ov REMARKABLE TESTIMONY Given Before the Ways and Means Committee From the South. SOUTH PROSPERS UNDER PROTECTION Congressmen, Prominent Business Men, Farmers, and Laboring Men From Southern States Want Pre sent Conditions Continued They arc Again&t the Denver Platform A Most Interesting and Signifi cant Situation Why They did not Vote for What They want A Great Change is Coming and the Republican Patronage Machine Methods in the South Must Go. Special to The Caucasian. Washington, D. C, Dec. 7. The past week has been a red letter day a the hearing before the ways and meant; committee on the revision of the tariff law. Congressman, promi nent business men and farmers and aborers from the South have been before the committee pleading elo quently for protection for the raw materials and manufactured pro ducts of that section. The development has aroused great interest and has caused many to ask: "is the South really for pro tection and if so why did it not vote for it?" Indeed the whole thing is most significant, and it has been the talk of Washington fof a week. When Grover Cleveland went over, body and breeches, to Robert Mills of Texas, then chairman of the Com mittee on Ways and Means, and In augurated his great free trade cam paign, which resulted in a defeat to the Democratic party after the splen did victory of 1884, there were few industries in the south. The absence of "industries" means free trade, for stagnation and free-trade go hand in band; no industries, no protection. An epitome of the situation, then and now, in the south, is aptly illus trated by a North Carolina witness who says: "In 1894, between Char leston, S. C, and Norfolk, Va., a dis tance of four hundred miles, there were but two mills. For the last five years, under the new conditions, two thousand three hundred mills, employing on hundred and fifteen thousand operatives, have been at work. What is true of lumber is true of many other industries, including the production of raw materials, as in the case of citrous fruits and cotton. The California fruit grower strikes hands across the continent with the producer of citrous fruits in Florida, The beet sugar producer of the long and sunny days of the far north, in the middle west, meets in convention and discusses the mutual interests of the sugar producer, with the planter of Alabama and Louisiana! The to bacco grower of Connecticutt is in ike interest with the tobacco pro ducer in the states south of the Mason and Dixon line. - The boys from the farms or plan tations, whether north or south, were not sent to fight the battles of the government of the United States in recent war with Spain in response to a mere sentiment, or in the expec tation of fostering a sentiment which would place the producer of the Phil ippines Islands or some outlying province, in a position of equal ad vantage with a like industry in America. While the different sched ule of a protective tariff, low or local in their application, yet protection as a principle is not local but nation al, and wherever in the nation indus tries thrive and prosperity exists, there protection will be in greater favor. The common experience of the far mer with a market at his door inci dent to the foctering of industries, is within the experience of every til ler of the soil who Is so fortunately situated as to he within the zone of such industries. For these reasons the south has changed its political principles, and a change of its vote will essentially follow this great eco nomic question which so materially affects the prosperity of the whole " (Continued on Page 3.) course, I except crop failures or oth er calamities that mite force them ter buy Western grain or meat fer a season. ' V . . Pollyticks seem ter be party quite now. The publick hes bin humbug ged ergin an the voters air nnrsin' their troubles. The average sensible man feels like the feller that got so interested in milkin masheens that he bought one before he happened ter remember that he didn't own a cow In the" world. 7 Yes, wo awl git humbugged every two an' four years by gittin' into pollyticks. Au we will hev a prohibishun eleckshun or two between the acks jist ter keep us in gude trim fer the pollytishuns ter trim us ter perfeegshun. t As ever,- . . - '. ZEKEBILKTNS. SOUTH'SJROBLEMS President - Elect Taf t's Address in New York Monday Night. BEFORE NORTH CAROLINA SOCIETY The President-Eleet Urges Southern Voters to Break Away From Out lived Sentiment and Cast Their Ballot in Accordance With Their Real Economic and political Be liefsAnxious to Convince This Section Tfiat It is the Desire of His Administration to Help the South in the Serious Problems That Con front it and to Bring Southerners and Northerners Closer in Sympa thy and Point of View. New York, Dec. 7. President-elect William H. Taft, who came to New York to-day to address the North Carolina Society of this city, was given a tumultuous reception to-night by the members of the organization and by prominent men from all parts of the South, at the annual dinner of the North Carolinians at the Ho tel Astor. Five hundred members and guest of the Society filled the brilliantly decorated banquet hall, which was redolent of the pines of the Tar Heel State, the cones and brances of the resinous trees form ing the background for more frag rant blooms which were scattered everywhere over snowy linens and flag-draped walls. Intertwined en signs of the State and Nation were conspicuous in the decor rations of the banquet hall and larger flags were displayed in front of the hotel throughout ihe iay and evening. Mr. Taft, In the course of an ad dress which was confined entirely to the South and its problems, urged again that the voters of the South should break away from the out-lived sentiment and traditions of their past political affiliations and cast their ballots . in accordance rather with their economic and real politi cal beliefs. Mr. Taft declared that nothing would gi him greater pride during his coming term in the Chief Executive office than to so di rect the policy of the National Gov ernment with respect to the South ern States as to convince the intelli gent citizens of the South of the de sire of his administration to aid them in working out satisfactorily the seri ous problem before them and of bringing them and their Northern fellow-citizens closer and closer in sympathy and point of view. At the conclusion of practically every one of his pointed sentences Mr. Taft was interrupted by applause and cheering. He frankly expressed himself regarding the so-called "ne gro question," and declared that neither he nor the Republican party had any idea of forcing upon the peo ple of the South the dominance of an Ignorant class. Mr. Taft declared that the North yearns for a closer association with the South and quoted statistics to show that the industries of the South had grown and prospered more dur ing the past decade than any other section of the country. As to the ne gro, Mr. Taft said he should neither ask nor receive more than an equal chance to qualify himself for the franchise. The Other Speakers. Other speakers at the banquet were President W. W. Finley, of the Southern Railway Company; J. Y. Joyner, State Superintendent of Pub lic Instruction of North Carolina: Hugh MacRae, of Wilmington, N. C: Dr. Joseph H. Dillard. of New Orleans, and Junius W. Parker, of New York. Among the more promi nent guests were Clark Howell, of Atlanta, Ga.; Henry W. Taft, broth er, of the President-elect; President Nicholas Murray Butler, of Colum bia University; Consul General Mid zuno, of Japan; Dr. H. B. Frissell, of Hampton Institute. Panama Canal Bonds Over Sub scribed. Washington, D. C, Dec. 5. -Bids for thirty-five million dollars of the bonds of the Panama Canal loan un der Secretary Cortelyou's circular of November 18th, closed at the Treas ury's Department at 4:30 o'clock this afternoon. It is understood that the number of the bids received clearly indicates that ' the loan has been greatly over-subscribed. : Secretary Cortelyou stated to-night that in view of the work involved in the tabulation of the bids, no infor mation as to the number and prices could be obtained utnH Monday. Woman Robbed of $ 10,0OO. Richmond, Va., Dec. 5. Mrs. Sue Williams Buek, of thi3 city, on ar riving here yesterday from New York, over the Atlantic Coast Line, discovered that during thenight she had been robbed while in a Pull man car of over $10,000 worth of Jewelry. There is no, clue to the thief or thieves. - - THE LOON SUFFRAGATES A Fierce Demonstration Against Chancellor George. CHAINED TO THEIR SEATS At a London Meeting the Women Screamed "We Want Deeds, Not Word" -Stewarts Undertaking to Remove Them Find That They Are Chained to Their Sta However, They Are Finally Ejected Minus Some Clothes. London, Dec. 5. The gulf be tween the suffragists and the suffra gettes, the latter being the term gen erally used to describe the militant section of the female agitators who believe in street riots , and attacks on cabinet ministers as the quickest means of attaining suffrage for their sex, was further widened late to-day by reason of a fierce demonstration indulged in by the suffragettes at Albert Hal against David Lloyd George, chancellor of the exchequer. The Chancellor was addressing a suffrage meeting under the auspices of the Woman's Liberal Association. Hardly had he announced that he was present with the object of mak ing known the government's inten tions regarding the problem of wom an suffrage, when a great uproar broke out. Strident voices from all parts of the hall shrieked: "We want deeds, not words!" Three hundred and fifty stewards of the hall, anticipating disturbance, moved down the aisles on the women who had interrupted the speaker with the idea of ejecting them. They found them chained to their seats. A confused struggle then began be tween the men and women,-but final ly the chains were cut and the suf ragettes expelled. j But the numbers of the disorder ly seemed to increase, rather than diminish. Some of the women were armed with whips, and they repelled vigorously every attempt to eject thern Every time Mr. Lloyd-George at tempted to speak his voice was drowned with mingled groans and cheers, and he was compelled to sit down. Finally the organist tried to sooth the hysterical sisterhood by playing: "What Can the Matter Be?" but it was of no use and pandemo nium reigned. The uproar was at its height when a dozen suffragettes recently released from prison, divested themselves of their outer wraps and appeared in their jail garbs. This exhibition act ed on the sisterhood like a red flag on a bull. Megaphones and bells were brought into use and the noise became deafening. The stewards lost their tempers, and. as they continued to throw out the demonstrants the clothes of many of the women were torn off. Finally the opposition became worn out and Mr. Lloyd-George was able to continue with only occasional interruption. PRESIDENT OX WOMAN SUFF RAGE. Dr. Lyman Abbott Reads a Letter to National League for Civic Educa tion in Which President Roosevelt Says He Favors Woman Suffrage Personally, But is not an Advocate Of It. New YorkDec. 4. The attitude of President Roosevelt on the subject of woman suffrage, was discussed at a meeting under the auspices of the National League for Civil Education of Women. Rev. Lyman Abbott read a letter from President Roosevelt: "Personally, I believe in wom an suffrage, says Mr. Roosevelt, at the outset of the letter, "but I am not " an enthusiastic advocate of it because I do not regard it as a very important matter. I am unable to see that there has been any special improvement in the position of the women in those States in the West that have adopted woman suffrage, as compared with those States adjoin ing them that have not adopted it. I do not think that giving the women suffrage will produce any marked improvement in the condition of the women." The President added: "I am for the reasons given rather what you would regard as luke warm or tepid in my support of if, because, while I believe In it, I do not regard it as of very much importance." John Clark and John Little Drowned At Blevrett Falls. Wadesboro. N. C. Dec. 5. While working on the dam at Blewett Falls Thursday afternoon about 4 o'clock two white men, Mr. John Clark and Mr. John Little, fell off and were drowned." It is not known here ex actly how the accident happened. They were from Alamance County. They had been working there some time. - . " PKESIDKYTH ArUICAX Tftir. FsprdiUo win n ritt4 ot Dy SmtUuMMOaa IaUttr Mr. tle vrlt Will Defray 11U Otm Kxf Party Will Start A Unit Middle of Washington, D. C. Dee. $ Pre!- dent Roosevelt to-day la a statement prepared by ScrUrjr Wolcott. ct the Snuthsoaiaa Institute, made his official announcement retarding the hunting trip to Africa, on hka he will start within two weeks after he retires from the Pmldency. The ex pedition li to U outfitted by the Smithsonian loalUution, the Preai- Cent defraying his own expense, and will gather natural history materials for the new National Muteum. No fears need be entertal&ed for the President's safety, the statement declares, because every member of his party U an excellent rifle shot. The statement says: "Beilde the President and his son, Kermlt Roosevelt, the personnel of the party, on leaving New, York, will consist of three representatives of the Smithsonian Institution; Maj. A. Means, medical corps U. S. Army (retired); Mr, Edmund Heller and Mrs. Alden Lorlng. On arriving in Africa, the party will be enlarged by the addition ot It. J. Cunnlnghame, who Is now in Africa preparing the President's outfit. He will have In charge a number ot native porters, who, with necessary animals, will be formed into a small caravan. "Mr. Roosevelt and his son will kill the big game, th& skins and skel etons of which wiU be prepared and shipped to the United States by other members of the party. Mr. Kermlt Roosevelt is to be the official photog rapher of the expedition. 'The party will reach Mombasa on April 1, 1909. The general route will be the Ugunda railway to Nairo bia and Lake Victoria, Nyanza, a dis tance of about 650 miles by rail, thence crossing into Uganda, and finally passing down the Nile to Cairo. Much of the hunting will be done in British East Africa, where the Uganda railway can be used as a base ot supplies and means of ready transportation. At least one great mountain, possibly Mount Kenia, will be visited. Khartoum will be reach ed, if all goes well, about April, 1910. The expedition may be expect ed to spend about one year on Afri can soil." OFFICERS KILLED BY MOON SHIXERS. A Dozen Deputy 3IarKhalI Have Fierce Battle With Illicit Ills tillers. Huntington, W. Va., Dec. 5. In a fight between a dozen deputy mar shals and a gang of aleged moon shiners today, forty miles south of here. Deputy Sheriff Llttleral and William Vinson were killed. Llttle ral was killed by William Vinson, who was himself shot and killed by the officers. The deputies arrested Jos. Vinson, Moris Bates and Wil liam Vinson, Jr., and are now en route to this city. Vinson and his men have been, defying arrest for several months. About a month ago Joseph Vinson was captured in Lawrence County, Kentucky, by an officer from Louis ville, Ky., who started with him to the Louisville jail. On the way there they were overtaken by a party of Vinson's friends who held the officer up at the point of revolvers and re captured Vinson. They put him on a horse and took him to the mountains of West Virginia where they have since been defying Kentucky, West Virginia and Federal officers. Vinson and his friends were all heavily armed and just such a fight as occurred had been expected and all declared that Vinson should not be taken alive. C. S O. CONFESSES TO REBATING Railroad Fined 91,000 on Each of Nine Count Johnson & Co. Have to Pay $1,500. Richmond, Va., Dee. 4 -By agree ment of counsel the Cheasapeake it Ohio Railway and W. R. Johnson & Co. plead guilty of rebating before Judge Waddill late today, and were fined by the court, the Chesapeake and Ohio 99,000 and Johnson & Co. $4,500. The railway was fined $1,000 on each of nine counts, and Johnson was fined $1,500 on the first and $1,000 each on three other counts. In view of this voluntary proceed' ing other counts In the Indictments were nol prossed on motion of Judge L. L. Lewis, United States District Attorney, and John H. Marble, coun sei for the Interstate Commerce Commission. Counsel stated to the court that their principals knew nothing of . .he violation as alleged, but that tn , law was so broad they thought ecu fiction was certain on the Indiscretion of their agents and H. O. Gates, and, therefore, adopted this course. This motion follows the verdict of the jury in the same court yesterday finding A. P. Gilbert, assltant gen eral freight agent, not guilty. Gil bert had been on trial for ten days. H. O. Gates, clerk for Johnson Co., grain dealers, having secured immunity from prosecution by turn ing State's evidence, his statements in reference to Gilbert being denied, and the jury taking only six minutes to reach a verdict of not guilty In Gilbert's case. PRESIDENT'S J,1ESSAGE His Last Annual Mcsmqo Read in Both Houses of Congress. FOR POSTAL SAVINGS BANKS H-sm Ills for CurpuraUosi Cuatri4 Home Frdmd Agrmtj Kitomld he Civra FnU Kspmtato -Trirp!oe and THegrmpii CVm pasdre Kbo14 tw Fade Comnu fT Law t lrutcctk fur Waewert rr si i eboHi for Artaooa and New Metlco, and CtlUrtuthlp fur Porto Rkan IUconniendd--N lulx'titatx-r Tax -Our Income and Kipcndltttrra fur lat Hr PresUnt RooveH's last aanaal message was read In both houses of Congress Tuesday at noon. AU of the members were furulebed with printed copies of the menaage. which proved to be a document ef forty- four printed page with an elabo rate appendli showing tbe work of the Forestry Bureau. We give be low a brief nummary ot the Presi dent's message to Congress: To tbe Senate and House of Repre sentatives: Finances. The financial standing or the na tion at the present time la excellent. and the financial management of tbe nation's interests by the government during the last seven years has shown the most satisfactory results. Hut our currency system Is imper fect, and It is earnestly to be hoped that the currency commission will be able to propose a thoroughly good system which will do away with tbe existing defects. During the period from July 1, 1&01, to September 30. 190S, there was an Increase in the amount of money in circulation of $902,991, 399. The Increase In the per capita during this period was $7.06. With in this time there were several oc casions when It waa neceaaary for the treasury department to come to the relief of the money market by purchases or redemptions of Untied States bonds; by Increasing dopoiilts in national banks; by stimulating additional Issues of national bank notes, and by facilitating Importa tions from abroad of gold. Our Im perfect currency system has made the proceedings necessary, and they were effective until tbe monetary disturbance in the fall ot 1907 Im mensely Increased the difficulty of ordinary methods of relief. II y tbe middle of November the available working balance in tbe treasury had been reduced to approximately $,- 000,000. Clearing house associa tions throughout the country had been obliged to resort to tbe ex pedient of Issuing clearing house certificates, to be used as money. In this emergency it was determined lo , invite subscriptions for $50,000,000 Panama Canal bonds, and $100,000, 000 3 per cent certificates of indebt edness authorised by the act of June 13, 1908. It was proposed to re deposit In the national banks the proceeds of these issues, and to per- . mlt their use as a basis for addi tional circulating notes of national banks. The moral effect of this procedure was so great that it wai necessary to issue only $24,631,984 of the Panama Canal bonds and $15,426,500 ot the certificates of in debtedness. Daring the period from July 1, 1901, to September 30, 1908. the balance between the net ordinary receipts and the net ordinary ex penses of tbe government showed a surplus in the four years 1902, 1903, 1906 and 1907, and a deficit to the years 1904, 1905, 190$, and a frac tional part of the fiscal year 1909. The net result was a surplus ot $99, 282.418.54. In short, during the seven years and three months there has been a net surplus of nearly one hundred millions of receipts over expendi tures, a redaction of the Interest bearing debt by ninety millions, in spite of the extraordinary expense of the Panama Canal, and a saving of nearly nine millions on the annual interest charge. CorporatJons. As regards the great corporations engaged in inter-State business, and especially the railroads, I can only repeat what I have already again and again said in my messages to the ongress. I believe that under the Inter-State clause of the constitution the United States has complete and paramount right to control all Agen cies of Inter-State commerce, and I believe that the National Govern ment alone can exercise this right with wisdom and effectiveness so as both to secure justice from, and do Justice . to, the great corporations which are the most important factors in modern business. X believe that it la worse than folly to attempt to prohibit all combinations as is done by the Sherman anti-trust law, be- f (Cotinued n jPage 2.) i J I - ill 1 u i. if . ! i 1 i 5 I it k if i 1 1 : I- f I1 n i t Williams, of Mississippi. : a civ r i
The Caucasian (Clinton, N.C.)
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Dec. 10, 1908, edition 1
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